Cardano, the world’s third-largest blockchain platform, has received a successful update that adds smart contract functionality, allowing developers to construct apps that take advantage of the blockchain’s advanced features.
The Cardano Alonzo improvement is the first step in Charles Hoskinson’s strategy to promote a more equitable global financial system at a lower monetary and environmental cost. More than 100 smart contracts have run on the network in less than 24 hours, and the platform’s first decentralized application has already been launched.
Blockchain is expected to play a critical role in the development of future apps. In fact, 61% of software professionals consider blockchain to be a “game-changer.” By developing decentralized apps – or ‘dApps’ – on the blockchain, developers can avoid the security flaws of traditional programs that are hosted on a single server and instead take advantage of a network of thousands of computers around the world.
However, many developers have previously been unable to create apps on the blockchain due to high and unexpected expenses, as well as energy inefficiencies.
As a result, integrating blockchain for small businesses has not always been a practical alternative without sacrificing sustainability goals or company costs.
Cardano claims to be the answer to many of these problems. Its blockchain employs a novel mechanism for transaction verification, resulting in a network that is substantially more energy-efficient than Bitcoin. Its ability to estimate transaction costs precisely also ensures price stability, allowing developers to construct apps without fear of missing transactions or unexpectedly high prices.
The engineering firm behind Cardano, IOHK, has had a significant year. It announced the world’s largest blockchain implementation in April. In Ethiopia, five million instructors and students were given instant verifiable IDs, enabling better lesson planning, student progress monitoring, and the government to see future workforce planning needs and shortfalls. It also enables students to exchange verifiable qualification information with companies.
IOHK also pioneered a new approach that allowed Cardano users to create NFTs without using smart contracts. More than 780,000 NFTs have been produced so far.
Catalyst, a massive blockchain innovation fund, was also formed by the corporation. It supports the Cardano blockchain and ecosystem by incentivizing and funding creative projects. Catalyst has already given $5 million to 90 initiatives and has a bank of more than $1.5 billion dollars.
The Cardano Alonzo upgrade is the result of six years of research and development, which included nearly 100 peer-reviewed scientific papers, in order to create a blockchain that could live up to the technology’s promises while also addressing long-standing issues such as cost, environmental stability, security, and scalability.
Charles Hoskinson, the founder of Cardano, praised the Alonzo upgrade as a historic moment for the platform.
“The focus is now on improving the platform further and ensuring that Cardano is adopted by corporations and governments. With this launch, commercialization is as much in the hands of the community as it is the system architects, and they are already delivering – in less than 24 hours, over 100 smart contracts have already been run on the network.”
“This time next year, there will be useful, and in some cases, life-changing, decentralized applications running on the system which will transform the lives of millions to billions of people throughout the next decade,” he added.
Focus on the fundamentals
Marek Mahut, the founder of Five Binaries, successfully executed the first Cardano smart contract on Sept. 14, 2021.
“Cardano has always stood out for its focus on the fundamentals,” he said.
“It considers a problem from different angles before implementing the solution. This is what makes smart contracts so exciting.
“Safety and scalability are major features for any developer. Cardano’s accounting technology, eUTXO, provides a novel approach, which makes writing secure smart contracts easier.
“I’m proud to have made the first execution of a smart contract on the Cardano main net, and am excited to see how the capabilities unfold as updates continue to roll out.”
On September 25 and 26, IOHK will highlight anticipated updates and enhancements to smart contract functionality at the Cardano Summit. The summit will discuss IOHK’s efforts to ensure Cardano lives up to its potential as an operating system for industries, supply networks, and even governments, as well as the scientific research that drives the platform.